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Discusses the controversy between Japan and China over the Diaoyu Islands. Discovery of oil and natural gas deposits off the islands; Negotiation of signing of treaty of peace and friendship between countries; Japans' construction of beacon tower on one of the islets; Japanese adoption of 1996 defense white paper.

The author reports on the 2012 summit meeting between China, Japan, and South Korea wherein a decision was made by the countries' state leaders to begin talks on introducing a Free Trade Area within the year. Regional trade between the countries increased to 690 billion U.S. dollars in 2011 according to a Chinese Foreign Ministry white paper. Differences and disputes reportedly remain among the three countries due to political situations in East Asia despite their strong economic ties.